Director Matt Eastham said more than 20 calls had been placed since the start of the year from London-based investors.

He said: “We’ve not seen this level of interest in Winckley Square and the wider city for around 10 years.

“There’s a lot of interest because your savvy investors are seeing what’s happening in Manchester and thinking Preston is well-placed.

“Winckley Square itself used to just be full of for sale signs but we’re seeing a lot of deals being done now. There’s some great properties to be had round there, and you’ve got the train links into Manchester.

“Hopefully this momentum with the Markets project can be kept, although the Fishergate knock back may affect things. It always does seem like Preston finds a way to find a problem with something.

“Our relocation business is also seeing a real lift in companies and people looking at Preston. We just need to see the employers now, there’s not enough big firms here to keep hold of our graduates.”

Felling of trees in Winckley Square Pic: Tony Worrall

Director of Lancashire Home Life, who manage a number of properties in the Square, Gary Gardner said: “There’s been a lot of interest from investors recently. What’s interesting is there’s all different demographics wanting to take a look.

“You’ve got former students from UCLan who have gone on and made their money and are now looking to invest. Then there’s a lot of older generation who are selling up down South and they want the city life and the amenities.

“What you get on Winckley Square, a nice two bed period apartment with all the Georgian features you just can’t get that anywhere else for that price.

“There will certainly be a lot more investment coming but people are waiting to pull the pin on two things, the council to get its act together with the Square itself. There’s money coming but it’s not huge amounts, and the cinema plan too. Once that happens we’ll definitely see a lift because the footfall will increase and the rents they get will go up.”

In March work was completed on cutting down a number of trees in the Square, after a funding bid to the Heritage Lottery was approved in June last year.

Deputy leader of the city council councillor John Swindells said: “It’s great to see the renewed interest in Winckley Square. It’s always been a great place to live and or work, right in the heart of the City Centre. That’s why we’re investing millions of pounds into the square with the help of Heritage Lottery, Preston BID, Lancashire County Council and the Community Interest company.

“The Townscape Heritage Initiative is progressing well and is already helping to bring empty buildings back into use. Winckley Square is also part of the City Centre Housing Zone.

“Tenders are due out soon for the £1.1m garden restoration project so there is lots to be positive about.

“There’s a ripple effect too onto other parts of the City Centre and we’re definitely seeing much more developer and investor confidence in Preston.”

Manchester restaurant mini-chain Solita is due to arrive in the Square in July, replacing what was Heathcotes and Olive Press after Paul Heathcote decided to sell up and leave Preston.

Do you live or work on the Square? What do you think? Let us know in the comments below